Red Rock Business Center Drawing New Tenants

The Red Rock Business Center at 6180 Brent Thurman Way acquired new life and vigor as a rental property. WGH Acquisitions, a Las Vegas-based concern, has purchased this bank-owned building and is rehabilitating the center which has been empty for two years. WGH is hoping that the building’s strategic location near Russell Road and Las Vegas Beltway will draw much-needed tenants. The building is visible from multiple directions of the Beltway, providing a unique location for the center.

Already, Keller Williams Realty, which is expanding its southwest Las Vegas Valley operation, has signed a lease for a 13,000-square-foot space at the Red Rock Business Center. More of such leases are being negotiated following the well-attended open house held recently at the center. Some sixty commercial real estate agents attended the center’s open house, and they were briefed on the improvements that are in the works for the property.

The Red Rock Business Center is undergoing a major facelift, having been vandalized in the years that it sat idle. WGH is putting in new landscaping, constructing a stone façade, and replacing windows for better energy efficiency.

The pricing for the center was quoted at $1.45 per square foot. There’s an additional 30 cents charge per square foot for the maintenance of the building’s common areas. A lease agent said that the center, as it is shaping up now, has received a lot of positive feedback. This widespread interest indicates that the center will generate good lease activity, another agent agreed.

WGH Acquisitions paid U.S. Bank $3.1 million, or slightly below $40 per square foot, for the center which consists of two building structures with a total floor area of 74,246 square feet. A WGH partner, David Garfinkle, expressed satisfaction with the purchase. He said that his company will still pour a substantial investment to complete the base buildings and institute property improvements. Notably, each building will sport its own pylon sign which is expected to be put up within the next thirty days. The buildings’ façade will also have available space for signage.

WGH also purchased another building at Rainbow Sunset, a four-story edifice with a floor area of 108,000 square feet. The company is also negotiating for the acquisition of the mothballed ManhattanWest condo project on Russell Road also near the Beltway. Garfinkle said that these initiatives manifest their confidence on the long-term economic prospects for Las Vegas.

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